Category: Mining

Every year around April, when the ice high up in the mountains of China South western’s province Sichuan starts melting, over 1,400 rivers in the area become more and more active and lead the water to lower points. In Chinese referred to as 丰水期 (Fēng shuǐ qī), the abundance of water is driving the 3,267...

BTCC Pool, the mining operation of Hong Kong-based cryptocurrency exchange BTCC, will close “indefinitely” at the end of this month, a statement from the firm confirmed Nov. 6. BTCC Pool, which began mining activities in 2014, is shutting down due to unknown “business adjustments,” the company wrote, without giving details about the circumstances that led to the decision. Today’s statement reads:...

Founded in Q1 this year by MingLiu Wang, the Chinese Company Tomorrow, aims to have its IPO on the Hong Kong Stock Exchange in 2019 with aiming to be worth approximately HKD $10 Billion (USD $1,275 Billion) after existing only for about 2 years. Tomorrow credits its rapid and successful growth to their uniqueness and...

China being really big in bitcoin mining, especially in Sichuan and Xinjiang Province, the bitcoin mining industry is having an exciting couple of days. Just a day after Bitfury revealed a new 14nm mining chip called the Bitfury Clarke, Bitmain China has upped the ante with the announcement of a new 7nm application-specific integrated circuit...

Tencent Holdings and SoftBank Group are both disputing their involvement in a widely reported pre-IPO investment round for Chinese cryptocurrency mining giant Bitmain. Reports on the firms’ participation in the funding effort first emerged among Chinese media in early August. Soon after, several outlets including CoinDesk, China Crypto News and other media platforms cited the...

China’s Xinjiang Uyghur Autonomous Region is set to eliminate “illegal” bitcoin mining operations by the end of August, a government agency has confirmed to CoinDesk. Rumors first emerged online over the weekend after the leak of a government notice issued by Xinjiang’s Economic and Information Commission (EIC) indicating the authority was demanding that local utility...

Extreme weather conditions have claimed a new victim during floods — cryptocurrency miners. A combination of floods in Sichuan and heatwaves in Europe last week briefly dented the global “hashrate”, which measures crypto mining capacity — and offered a glimpse of what might happen if China succeeds in wiping out its bitcoin mining industry. The storms,...

One of the major Bitcoin mining pools currently making waves is Bitmain which is a China-based industry giant that recently accounts for over 40% of the overall Bitcoin hashrate. Why is it making waves? Well, because it has raised some new concerns about the centralization of mining. Ever wondered how Bitcoin is generated? Do they...

A man in China has been arrested by the government for the alleged theft of power, in order to fund a secret cryptocurrency mine. Xinhua news company stated that the Anhui Province electricity company reported a spike in the use of electricity and this eventually led to the confiscation of over 200 computers used for...

Chinese bitcoin mining giant Bitmain has reportedly closed a Series B round funding, which values the firm at approximately $12 billion. Chinese business media Caixin reported on Friday citing anonymous sources familiar with the deal that although the exact number of the new equity financing is unknown, it’s somewhere between $300 million to $400 million. According to...